Official legislative records and announcements from Congress

BITCOIN Act Gains Bipartisan Support, Proposes Strategic Bitcoin Reserve; Bitcoin Could Surpass $100,000 Under Trump

Nov 19, 2024, 02:43 PM

The BITCOIN Act, championed by Senator Cynthia Lummis, is gaining bipartisan support in Congress and could be passed within President-elect Donald Trump's first 100 days in office. The Act proposes the creation of a Strategic Bitcoin Reserve, aiming to buy 1 million BTC over five years and hold it for 20 years. Senator Lummis has described the proposal as having 'a HUUUGE upside,' and suggests converting existing gold reserves to BTC as a potential strategy. The legislation could significantly impact the cryptocurrency market, with predictions that Bitcoin could surpass $100,000 and potentially reach $10M/BTC. Michael Saylor has also voiced support for the initiative, discussing it in a VanEck space. The BITCOIN Act could pave the way for global financial freedom, with the ticker symbol $BTCACT expected to skyrocket.